Dynamic content stream management is a process for delivering encoded content over different network and device configurations. In some situations, content delivery may use a pre-selected encoding format that is incapable of adjusting to changes in network characteristics or device capabilities. For example, a low bit rate encoding may be selected at an initiation of content transmission over a network system, but the encoding may not be re-evaluated when the network characteristics (e.g., latency) changes and a higher bit rate may be supported. Furthermore, device capabilities may not be considered when selecting a content encoding to use. For example, in a congested network, all devices receiving content transmissions may receive the same low bit rate encoding without respect to individual latencies or capabilities.